Aluminium Bahrain BSC (Alba) is considering a secondary listing on Saudi Arabia's Tadawul stock market, just days after quashing any such claims.
In a statement to the Bahrain Stock Exchange on Wednesday, Alba said it is “exploring various opportunities, one of which is a potential secondary listing on Saudi Arabia's Stock Exchange which is currently under evaluation along with other value-creation initiatives..."
Bahrain's sovereign wealth fund Mumtalakat owns a 69 percent stake in Alba.
Mumtalakat, which also has a 60 percent stake in McLaren, expects to take the supercar maker public in two to three years, Reuters reported, citing the fund’s chief executive, Khalid Al Rumaihi.
Alba posted a record net profit of 452 million Bahraini dinars ($1.2 billion) in 2021 compared to a net profit of 9.8 million dinars in the prior year, mainly due to higher prices of aluminum in 2021.
(Reporting by Brinda Darasha; editing by Seban Scaria)